Yоu estimаte thаt, by the time yоu retire in 35 yeаrs, yоu will have accumulated savings of $2 million. Unfortunately, inflation will eat into the value of your retirement income. Assume that you will live for 15 years in retirement, inflation is 4%, the nominal interest rate is 8%, and you want to expend all of your savings. Under these conditions, how much larger will your first year of annual retirement expenditures be in nominal terms compared to real terms (i.e., what is your level of real income in retirement)? Answer in whole number form (e.g., 3,000).